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Business & Economy

Tyneside firm Asset55 moves into new headquarters at The Beam after major contract wins

South Tyneside-based company Asset55 has signed a 10-year lease at flagship Sunderland Riverside office development The Beam, after a successful year saw the firm win £4 million worth of new contracts.

Asset55, a tech company that provides enablement solutions and consultancy to the global oil and gas market, has snapped up 11,000 sq ft of first floor space at The Beam, in a move that will bring 30 new jobs to Sunderland.

The leading provider of flange management is the third tenant to take a unit at The Beam, joining new neighbours Ocado and Penshaw View in a move brokered by site agent Knight Frank.

CEO of Asset55, David Frame, said: “We operate all over the world and I’m delighted to say we’ll be doing so from our new headquarters here in Sunderland.

“We’ve taken close to 11,000 sq ft in The Beam to support our growth and provide the strongest base for our team.

“We spent a long time looking across the entire North East for our new HQ and The Beam stood head and shoulders above all else.

“The environment and design is perfect for a company of our kind and the plans that Sunderland City Council have for the site as a whole were a major bonus.”

News of the move comes after a highly successful year for the innovative SaaS technology company, which saw it win major contracts with three of the world’s biggest oil and gas operators.

The contracts will cover construction project solutions and flange management, and will be delivered globally, with footprints in China, Indonesia, Dubai, North America and the North Sea.

The new deals come on the back of major R&D investment and are aligned with its strategy of improving safety outcomes, safeguarding build and operational quality, and allowing project schedules to be significantly streamlined.

Mr Frame added: “We’ve seen real momentum across the last 12 months, which has given us a great foundation for our continued growth.

“We’re now working with more than half of the world’s Top 10 oil and gas operators as well as leading EPCMs and service providers, so we’re firmly on track.

“Our vision has always been to enable our clients through software and technical consultancy to solve mission critical challenges, including safety, integrity, schedule and cost.

“These recent contract wins are aligned with our focus to leverage our expertise and experience to help our clients meet their objectives.

“It has been a tremendous year for the company and these new contracts are a real testament to the ability and work ethic of the entire Asset55 team.

“A strong order book, both project and federal, alongside our pipeline, sets us up to continue our rapid growth.”

Fit-out of the firm’s new office is already underway and it is expected that the business will move in in April.

According to developers, the Beam is now nearly fully let. Once the new City Hall is completed, the Riverside Sunderland site will be the base of more than 2,000 office-based workers.